Summary

Many people worry that family illness history and drinking and smoking can make premiums prohibitive. Below we explain that this need not be so.

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If you have a family history of health problems or if you drink or smoke heavily you might be under the illusion that critical illness cover or life insurance cover may be extortionately expensive. Marketing manager at Scottish Equitable Protect, Heather Armstrong, says this isn’t always the case, "Many of those drinking, smoking or eating too much may well shy away from cover for fear of being unduly penalised for their bad habits. However, they will most likely find that these vital forms of financial protection cost far less than they think." (secured loans)

GE Frankona, a specialist re-insurer, says only 25 per cent of the working population have life insurance cover and only 11 per cent have critical illness cover, even though it is generally believed that if you are working and/or have dependants and a mortgage, this security is essential. Many, many people are taking uninformed risks.

If a person were to die their life insurance will pay out on their death and hopefully will be enough to pay a mortgage off, and/or provide any dependants with financial security. In the case of critical illness cover it pays out and helps at this time. Even though medicine is advancing all the time and people are recovering from life-threatening illness, they are often unable to work temporarily or are forced to stop completely; this is when a tax-free lump sum can create the financial security needed (loan quotations)

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